The barrel price of Brent oil, which rose to $31.55 yesterday, finished the day at $31.12. As of 09.45 today, a barrel of Brent oil was traded at $31.95, with an increase of 2.66 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil was sold at $28.13 per barrel.
According to the monthly oil market report of the International Energy Agency (IEA), the crude oil production of the Organization of Petroleum Exporting Countries (OPEC) increased by 2 million 380 thousand barrels per day in April compared to the previous month, reaching 30 million 730 thousand barrels.
Meanwhile, Barclays, the UK-based global investment bank, increased its oil price forecast for this year by 5 to 6 dollars per barrel for Brent and WTI oil and 16 dollars per barrel for 2021.
In addition, according to the data of the US center Enverus, the number of oil and natural gas rigs in the country decreased by 29 to 369.
Prices are rising on expectations that the expected economic recovery will increase demand and that other cuts, which some countries have announced in addition to the existing OPEC+ cuts, will also support prices.
Experts state that the new type of coronavirus epidemic continues to negatively affect economies, and the fact that cases are increasing again in some countries that have relaxed measures creates uneasiness in global markets.
It is stated that technically, for Brent oil, the range between 32.03 and 32.31 dollars can be viewed as resistance, and the range between 31.75 and 31.47 dollars can be viewed as support zone.
Source: https://www.aa.com.tr/tr/ekonomi/brent-petrolun-varili-31-95-dolar/1841604
